At 11:30 IST, the barometer index, the S&P BSE Sensex, tanked 924.47 points or 1.20% to 76,399.71. The Nifty 50 index fell 253.30 points or 1.05% to 23,922.85.

In the broader market, the BSE 150 MidCap Index slipped 1.26% and the BSE 250 SmallCap Index declined 1.06%.

The market breadth was weak. On the BSE, 1,371 shares rose and 2,672 shares fell. A total of 223 shares were unchanged.

Modi urges austerity amid energy crisis:

Amid elevated crude oil prices and the ongoing U.S.-Iran conflict, Prime Minister Narendra Modi urged citizens to adopt austerity measures, including reducing petrol and diesel consumption, avoiding non-essential gold purchases and foreign travel, and promoting the use of locally manufactured products. He also advocated greater use of public transport, EVs, work-from-home practices, and domestic tourism to conserve foreign exchange reserves and strengthen India's economic resilience.

The Prime Minister also called for reduced edible oil consumption and lower dependence on chemical fertilizers, while encouraging natural farming and wider adoption of solar-powered irrigation systems. Stressing the importance of the 'Vocal for Local' initiative, Modi said increasing the use of indigenous products was essential to reduce import dependence and safeguard national interests amid global economic disruptions.

Buzzing Index:

The Nifty Realty index fell 2.28% to 804.85. The index fell 2.74% in the two consecutive trading sessions.

Aditya Birla Real Estate (down 7.48%), Godrej Properties (down 3.55%), Anant Raj (down 3.36%), Lodha Developers (down 2.89%), Sobha (down 2.21%), DLF (down 2.08%), Oberoi Realty (down 1.76%), Prestige Estates Projects (down 1.57%), Brigade Enterprises (down 1.48%), and Phoenix Mills (down 0.45%) fell.

Stocks in Spotlight:

Multi Commodity Exchange of India (MCX) added 2.82% after it reported a 291% year-on-year (YoY) surge in consolidated net profit to Rs 530 crore in Q4 FY26, compared with Rs 135 crore in Q4 FY25. Revenue from operations jumped 205% YoY to Rs 889 crore for the quarter ended 31 March 2026.

Northern Arc Capital jumped 10.47% after the company's consolidated net profit surged 250.9% to Rs 132.50 crore on 23.09% increase in revenue from operations to Rs 741.65 crore in Q4 FY26 over Q4 FY25.

GHV Infra Projects rose 1.91% after it had secured an engineering, procurement, and construction (EPC) contract worth '630 million (around Rs 7,000 crore) from Cameroon Tyres Factory Project SA.

Global Markets:

Asian markets traded mixed on Monday as rising oil prices and escalating tensions between the U.S. and Iran weighed on investor sentiment.

China's annual inflation rose to 1.2% in April 2026 from 1% in March, surpassing market estimates of 0.8%, driven by higher transport, healthcare and education costs amid elevated energy prices and Middle East-led supply chain disruptions. Food prices declined 1.6%, weighed by weak pork, vegetable and fruit prices. On a monthly basis, CPI rose 0.3% in April, reversing a 0.7% decline in March.

President Donald Trump's rejection of Tehran's latest proposal to end the war, however, stoked worries over an elongated Middle East conflict.

Iran submitted a new proposal to U.S. negotiators focused on ending the Middle East conflict. Iran's semi-official media agency said that the counteroffer called for an end to the war on all fronts and the lifting of sanctions on Tehran, citing an informed source.

However, Trump said he did not like Iran's response and called it 'TOTALLY UNACCEPTABLE!' in a social media post.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu reportedly said on Sunday that the war with Iran was 'not over,' as the U.S. and Israel still aim to curb Tehran's nuclear ambitions.

Netanyahu's comments come ahead of Trump's trip to China later this week, where he's expected to meet with Chinese President Xi Jinping. The war and the subsequent closure of the Strait of Hormuz by Iran have spiked global energy costs and sharply raised gas prices in the U.S.

Last week, U.S. equities rose on Friday following a better-than-expected April's jobs report and as traders eyed developments between the U.S. and Iran.

The S&P 500 advanced 0.84% to end at 7,398.93, while the Nasdaq Composite climbed 1.71% to 26,247.08. Both indexes hit new all-time intraday highs in the session and closed at records. The Dow Jones Industrial Average inched up 12.19 points, or 0.02%, to settle at 49,609.16.

Sentiment was bolstered by the Bureau of Labor Statistics reporting that nonfarm payrolls rose by 115,000 last month, more than the 55,000 that media reports had suggested. The U.S. jobless rate also held steady at 4.3%, in line with widely reported numbers.

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